Metaplanet Denies $320M Bitcoin Sale Amid Corporate Hurdles

Tokyo-listed Metaplanet has denied selling its substantial Bitcoin holdings, worth roughly $320 million at current prices. The company's CEO, Simon Gerovich, clarified that a recent on-chain movement of 5,014 BTC was simply a routine custody operation.

Gerovich stated that 'We transferred 5,014 BTC between Metaplanet custodial addresses over the past 24 hours. This was a routine custody operation. No bitcoin was sold, and our holdings remain 43,000 BTC.'

The incident has highlighted concerns about corporate Bitcoin holders and their strategies for managing large balance sheets. Some firms have been selling portions of their Bitcoin to fund dividends, buy back shares, and rebuild dollar reserves.